Chapter 1 It’s Not Just about Forecasting
The following are the key points in the chapter. Elaborate on each
point in at least 30 words.
- Understanding economics can help you to diagnose the causes of
increases or decreases in sales volumes and costs.
- Understanding economics will help you understand The reason why
companies gain and lose sales, depending on volumes and cost. I will
also give you a better understanding on how companies work and how to
determine whether or not a company is good for investing, and you can
also tell you the predictions and outcomes of the company.
- Business decisions are about the future and must rely on a view of
the future.
- if you do not understand long-term investments for your company,
and other companies Then you’ll be unprepared for the future.
Understanding Economics, is also understanding How to properly predict A
company’s future outcome depending on recent trends.
- Economics can help you form a more accurate vision of the future,
compared to other common methods of forecasting.
- Economics is based around facts and statistics that will tell
investors, and individuals in management whether or not To change their
current tactics, in order to prepare for future outcomes.Understanding
basic economics can help determine the future of the company.
- As a business manager, you should focus more on the broad magnitudes
of changes rather than specific numbers.
- There are hundreds of different numbers and statistics that are
influenced by many other things, if you have a broad outlook of your
company and you can understand what helps influence those numbers rather
than I’m looking at a piece of paper and assuming, then you will have
the great tools of being an amazing Business manager.